This is, indeed, incredibly exciting news. But as some people have already said, nothing is certain. So while it's fun to get excited, let's not jump to any conclusions...
...actually we haven't had any proper Klonoa news in ages so let's have fun jumping to conclusions;
Worst case scenario: this is just a project that's been green-lit and may get cancelled before ever seeing a release.
Speculatively hopeful scenario: Klonoa remake/ remastered collection announced for Switch.
Unlikely but we can hope scenario: Klonoa remake/ remastered collection plus a brand new Klonoa game.
Best case scenario: Klonoa remake/ remastered collection, new Klonoa game, and Klonoa announced as a playable character for Smash Bros. Ultimate.
We can dream... this is Klonoa after all.